Lewiston teller. [volume] (Lewiston, North Idaho) 1878-1900, 1887-02-17
AN ACT.

ter six, concerning the redemption OF
county Indebtedness.
Be it enacted by the Legislative assem-
Jiy of the Territory Of Idaho, as
tolIoms:
CHAPTER vi.
REDEMPTloS OF COUNTY INDEBTEDNESS.
1902. The board Of county commits
81, ners Of any county may issue n"goih'-
bic coupon bonds Of their equity for pur-
pose Of paying, redeemiug, fundin. or re-
funding the principal and interest OF any
Of the following Indebtedness of their
county, when same can be done at a
lower rate Of interest, and to the profit
and benefit of the county:
LIST. Any indebtedness contracted prior
to July 80, A. d. 1856.
End. Any Indebtedness contracted sub
sequent to July 80, A. d. 1886. =
And all bonds issued under the provi-
SONS Of this act must show on their face
for which of the foregoing classes Of in
debtedncss they are issued. Said bonds
shall be issued as near as practicable in
denominations of one thousand dollars
each, but bonds 10 the denominations Of
five hundred and one hundred may be
issued when necessary, said bonds must
bear interest ut the rate of not to exceed
eight per cent. per annum, to be paid on
the first day Of January and the first day
of July in each year at the county II Jas
urer's Office or at such bank in the City
of New York as may be designated BY
the board of county commissioners, at the
option Of the holder thereof, such bonds
to be redeemed by the county in the fol
lowing manner: Ten per cent. Of the
total amount issued to be paid in ten
years from the date Of issue, and ten per
cent. annually thereafter until all OF said
bonds are paid, making the last bonds
rcdeemablr twenty years from the date
Of issue, but said bonds or any part
thereof may, at the option of the county
issuing tho same, be redeemed at any
, time after five years from the date Of
their issue, provided, such time and op
ton be stated upon the face Of each bond
and each bond must be redeemed in Tho
order it is numbered.
| 1903. The bonds mentioned in 300.
Of this chapter must have attached t.
each bond when negotiated, semi-annua
interest coupons covering the interest ex
pressed 10 the bond from the date Of is
sue until paid; such bonds must b.
signed by the chairman Of the board o
county commissioners, and attested by thu
clerk OF said board, and bear the seal o
the board of county commissioners, an,
countersisned by the county treasurer 0
, the county. Each coupon must have an
nexed to the same number correspond
ing with the number of the bond, AM
: each bond must state upon its face tn
! amount for which the same is issued, t.
whom issued, and the date Of issue, an,
must also recite that it is issued in con
formity with the provisions Of this chap
ter, aud this chapter must be printed Oh
the back of each bond.
36O4. The board Of county commits
sioners mus. give notice by publication
g in some newspaper published in the couu
ty, ii there be one, otherwise by thre
, notices posted up in the county, one Q
:. which must be posted ut the court house
t of it, intention to issue aud negotiat
Q such bonds, and invite bidders therefor
! and after ascertainiug the best terms up
on, and the lowest interest Of which sue
bonds can be negotiated, must secure tn
9 proper engraving and printing thereo
It and thereafter must have them consec.
: lively numbered and otherwise properl
!, prepared and executed, and when SO ez
= ecuted, they must be by the auditor reg
u istered in public record book to be kel
e tor that purpose, and therein must }
a stated the number, date, amount Of bon'
o time and place Of payment, rate Of int
est, number of coupons attached, au
= any other proper description thereof Il
IL future identification. That then sal
l. board must from time to time in sue
r amounts as it may deem best, deliver sa
>. bonds to the county treasurer and tax
and file his receipt therefor and char!
y him with all bonds SO delivered, and nj
IN duties required of said board in purs
y ance of the provisions Of this chapt
Of may be performed at any general, speci
- or called meeting thereof. The trcasur
" must under the general supervision
y the said board sell said bonds for cash
st exchange them for any Of the county
n. debtedness tor the redemption of viii
y they were 20 issued, but in no case mt
= such bonds be sold or exchanged for Il
;" than their face or par value and the !
ito crucd interest at the time Of disposal, Il
re must any county indebtedness be |
deemed at more than its face value u
any interest that may be due theret
DIS If any portion Of said bonds are 81
ng for money the proceeds thereof must
he applied exclusively toward the reden
rs ton Of said county Indebtedness for I
d. redemption Of which such bonds were
off sued. Aud the treasurer must give l
.ss tiee as provided by law, Of his readin
,e. to redeem such indebtedness and the
BE after interest thereon shall cease. WI
he the treasurer redeems any county
nv debtedncss, he must endorse BY writ
or stamping in ink on the face Of
paper, evidcucins such Indebtedness
10 redeemed, the time when and the amo'
of for which redeemed, whether by nor
on or the exchange of bonds, and tho wo